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A BILL TO BE ENTITLED
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AN ACT
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relating to use of the money from the Texas Enterprise Fund to |
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benefit small businesses. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The vital importance of small businesses to the |
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economy of this state and the well-being of its residents requires |
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that it be the policy of this state to encourage the creation and |
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location of small businesses in this state and promote |
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opportunities for those businesses to prosper. |
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SECTION 2. Section 481.078, Government Code, is amended by |
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adding Subsection (k) to read as follows: |
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(k) To encourage the creation, development, and location of |
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small businesses in this state, the governor shall consider making |
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grants from the fund to recipients that are small businesses in this |
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state or that commit to using the grants to create new small |
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businesses in this state or relocate small businesses from outside |
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the state to this state. For the purposes of this subsection, |
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"small business" means a legal entity, including a corporation, |
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partnership, or sole proprietorship, that: |
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(1) is formed for the purpose of making a profit; |
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(2) is independently owned and operated; and |
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(3) has fewer than 100 employees. |
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SECTION 3. This Act takes effect September 1, 2007. |